FY 2023

RESULTS

MARANELLO, FEBRUARY 1, 2024

SAFE HARBOR STATEMENT

This document, and in particular the section entitled “2024 guidance”, contain forward-looking statements. These statements may include terms such as “may”, “will”,
“expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on track”, “successful”, “grow”, “design”, “target”, “objective”, “goal”,
“forecast”, “projection”, “outlook”, “prospects”, “plan”, “guidance” and similar expressions. Forward-looking statements are not guarantees of future performance.
Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties.
They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.

Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance
the value of the Ferrari brand; the Group’s ability to attract and retain qualified personnel; the performance of the Group’s racing activities and the sponsorship and
commercial revenues the Group generates and expenses the Group incurs for its racing activities, as well as the popularity of motor sports more broadly; the
Group’s ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including
hybrid and electric, more broadly into its car portfolio over time and to make appealing designs for its new models; the impact of increasingly stringent fuel
economy, emissions and safety standards, including the cost of compliance, and any required changes to its products, as well as possible future bans of combustion
engine cars in cities and the potential advent of self-driving technology; increases in costs, disruptions of supply or shortages of components and raw materials; the
Group’s ability to successfully carry out its controlled growth strategy and, particularly, the ability to increase its presence in growth market countries; the Group’s
low volume strategy; global economic conditions, macro events, pandemics and conflicts, including the ongoing conflict between Russia and Ukraine and the more
recent hostilities between Israel and Hamas; changes in the general economic environment (including changes in some of the markets in which the Group operates)
and changes in demand for luxury goods, including high performance luxury cars, demand for which is highly volatile; the Group’s ability to preserve its relationship
with the automobile collector and enthusiast community; competition in the luxury performance automobile industry; changes in client preferences and automotive
trends; disruptions at the Group’s manufacturing facilities in Maranello and Modena; climate change and other environmental impacts, as well as an increased focus
of regulators and stakeholders on environmental matters; the Group’s ability to maintain the functional and efficient operation of its information technology systems
and to defend from the risk of cyberattacks, including on its in-vehicle technology; reliance upon a number of key members of executive management and
employees, and the ability of its current management team to operate and manage effectively; the performance of the Group’s dealer network on which the Group
depends for sales and services; product warranties, product recalls, and liability claims; the performance of the Group’s lifestyle activities; the Group’s ability to
protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; the Group’s continued compliance with customs
regulations of various jurisdictions; labor relations and collective bargaining agreements; the Group’s ability to ensure that its employees, agents and representatives
comply with applicable law and regulations; changes in tax, tariff or fiscal policies and regulatory, political and labor conditions in the jurisdictions in which the Group
operates; the Group’s ability to service and refinance its debt; exchange rate fluctuations, interest rate changes, credit risk and other market risks; the Group’s ability
to provide or arrange for adequate access to financing for its dealers and clients, and associated risks; the adequacy of its insurance coverage to protect the Group
against potential losses; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders; and other factors discussed
elsewhere in this document.

The Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document or in
connection with any use by any third party of such forward-looking statements. Any forward-looking statements contained in this document speak only as of the
date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning
the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the
U.S. Securities and Exchange Commission, the AFM and CONSOB.

February 1, 2024 2
RECORD 2023 RESULTS
STRENGHTEN THE FOUNDATION FOR
CONTINUOUS GROWTH

Record results with Adj. EBITDA(1) margin at 38.2%, Net

Profit above €1.2Bn and Industrial free cash flow(1) at
€932M

Year of emotions in our racing activities, culminating

with the 24 Hours of Le Mans victory in the WEC
Championship

Further nurturing our client base with 5 new models

along with unique and truly engaging experiences

Strong order book on current models across all

geographies and covering the entire 2025

In a complex environment, we keep on executing our

plans with flexibility and agility, coupled with the
constant support from our clients and partners

Note: (1) Refer to notes to the presentation in the Appendix February 1, 2024 3
5 MODELS
LAUNCHED IN
2023

4
5
2024:
A YEAR OF EXECUTION IN
LINE WITH OUR GROWTH
TRAJECTORY

RACING:

• Compete at the top in Formula 1

and WEC

SPORTS CARS:

• Inauguration of the e-building

and 3 new model launches

• Enhance experiences for both

new and long standing clients

LIFESTYLE:

• Building scale while elevating

and expanding visibility

6
FY 2023 HIGHLIGHTS

SHIPMENTS(2) NET REVENUES

(UNITS) (€M)

FY '23 13,663 FY '23 5,970

+3.3% +17.2%
FY '22 13,221 FY '22 5,095

ADJ. EBIT(1) ADJ. DILUTED EARNINGS PER SHARE(1)

(€M and margin %) (€)

FY '23 1,617 27.1% FY '23 6.90

+31.8% +35.6%
FY '22 1,227 24.1% FY '22 5.09

ADJ. EBITDA(1) INDUSTRIAL FREE CASH FLOW(1)

(€M and margin %) (€M)

FY '23 2,279 38.2% FY '23 932

+28.5% +22.9%
FY '22 1,773 34.8% FY '22 758

Note: (1) (2) Refer to notes to the presentation in the Appendix February 1, 2024 7
FY 2023 – SHIPMENTS(2)

SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN

(FY 2023 VS FY 2022) Total shipments up 442 units or 3.3% vs (FY 2023)

FY 2022:
EMEA +1.8% INTERNAL
(44% vs 45% PY) COMBUSTION
• Hybrid share doubled, led by 296 and ENGINE (ICE)
56%
AMERICAS(4) SF90 families
+10.6%
(28% vs 26% PY)
• Purosangue ramped up during the
second half of 2023
HYBRID
• Roma Spider commenced deliveries in 44%
Q4

• F8 family phased out and Portofino M

approaching end of lifecycle

• Special Series increased led by 812

MAINLAND
CHINA,
Competizione family ICONA
1%
REST OF APAC HONG KONG RANGE
93%
+1.5% AND TAIWAN(5) • Daytona SP3 allocations in line with SPECIAL
(17% vs 17% PY)
-4.0% SERIES
(11% vs 12% PY)
plans 6%

STRONG ORDER BOOK ACROSS ALL GEOGRAPHIES AND COVERING THE ENTIRE 2025
Note: (2) (3) Refer to notes to the presentation in the Appendix
(4) Of which 3,262 units in FY 2023 (+338 units or +11.6% vs FY 2022) in the United States of America
(5) Of which 1,221 units in FY 2023 (-69 units or -5.3% vs FY 2022) in Mainland China February 1, 2024 8
NET REVENUES BRIDGE
FY 2022 – 2023
(€M) Net revenues reported +17.2%
Net revenues at constant
currency(10) +17.1%
+18.5% +12.6% -18.4% +29.4%

64 35 6,049 5,970
812
155 152
(28) 127 (79) 127
577 572
5,095 71 5,166
120 120
155 155
499 513

5,190 5,119
4,321 4,378

FY 2022 FX hedges FY 2022 FY 2022 w/o FX Cars and spare Sponsorship, Engines (8) Other(9) FY 2023 at constant Change in FX 2022 FY 2023
hedges parts (6) commercial and currency 2022(10) vs 2023 & FX hedges
brand (7) FY 2023

Cars and spare parts Sponsorship, commercial and brand Engines Other

• Cars and spare parts: increase thanks to richer product and country mix, personalizations, higher volumes as well as pricing
• Sponsorship, commercial and brand: increase attributable to new sponsorships, higher Formula 1 commercial revenues as well as
better ranking in 2022 vs. 2021, and lifestyle activities
• Engines: lower shipments to Maserati, whose contract expired at the end of 2023
• Currency: negative net impact, mainly Japanese Yen, Chinese Yuan, partially offset by USD

Note: (6) (7) (8) (9) (10) Refer to notes to the presentation in the Appendix February 1, 2024 9
ADJUSTED EBIT(1) BRIDGE
FY 2022 – 2023
(€M)
461
1,673
81
1,617
(166) (56)
(43)
42
71
1,298
1,227 Margin
Margin
27.7%
27.1%
Margin
Margin
25.1%
24.1%

ADJ. EBIT FY 2022 FX hedges ADJ. EBIT FY 2022 Volume Mix / Price Ind. Costs / R&D SG&A Other ADJ. EBIT FY 2023 Change in FX 2022 ADJ. EBIT FY 2023
FY 2022 w/o FX hedges at constant vs 2023 & FX
(10)
currency 2022 hedges FY 2023

ADJ. EBITDA(1) ADJ. EBITDA(1) ADJ. EBITDA(1) ADJ. EBITDA(1)

1,773 1,844 2,335 2,279
34.8% 35.7% 38.6% 38.2%

• Volume: shipments up versus prior year

• Mix / price: enriched product mix, sustained by the Daytona SP3, 812 Competizione and SF90 families, as well as country mix driven by
Americas and Mainland China, Hong Kong and Taiwan, higher personalizations and pricing
• Industrial costs / R&D: higher depreciation and amortization, cost inflation and higher Formula 1 expenses
• SG&A: mainly reflecting the continuous development of the Company’s digital infrastructure and organization, as well as brand
investments
• Other: higher Formula 1 commercial revenues as well as better ranking in 2022 vs. 2021, new sponsorships, higher contribution from
lifestyle activities and a partial release of car environmental provisions as a result of more favorable market conditions

Note: (1) (10) Refer to notes to the presentation in the Appendix February 1, 2024 10
INDUSTRIAL FCF(1) AND NET INDUSTRIAL DEBT(1) BRIDGES
DEC 31, 2022 – DEC 31, 2023
(€M)

2,243
(207) 932

(150) (461) (29) (99)

(292)

932
(869) (334)

Adj. EBITDA Change in Net cash Capex (11) Industrial FCF

(Industrial working interest & FY 2023 December 31, Industrial FCF Dividends Share Currency, December 31,
Activities only) capital, Taxes 2022 Net repurchases
(12)
Other & IFRS 2023 Net
FY 2023 provisions & Industrial Debt 16 Industrial Debt
other

Change
vs +511 (297) +23 (63) +174 +174 (82) (64) (10)
FY ‘22

• Working capital & other: negative mainly due to inventory increase driven by conscious production planning and enriched product mix,
partially offset by a positive net impact from the collection of advances
• Capex spending increased in line with planning, focused on product and infrastructure development
• Rewarding shareholders through a well-balanced distribution of 85% of Industrial free cash flow(1)

Note: (1) (11) (12) Refer to notes to the presentation in the Appendix February 1, 2024 11
2024 GUIDANCE
AND STRONGER CONFIDENCE ON HIGH-END OF 2026 TARGETS

(€B, unless otherwise stated) 2023 2024

ACTUAL GUIDANCE
Based on the following assumptions for the year:

• Positive product and country mix along with strong

NET REVENUES 6.0 >6.4
personalizations

• Racing activities impacted by lower Formula 1 ranking ADJ. EBIT 1.62 ≥1.77
in 2023 despite higher number of races in the 2024 (margin %) 27.1% ≥27%
calendar
ADJ. DILUTED EPS
• Lifestyle activities expected to increase top line 6.90(13) ≥7.50(13)
(€)
contribution while investing to accelerate
development ADJ. EBITDA 2.28 ≥2.45
(margin %) 38.2% ≥38%
• Cost inflation to persist

• Continuous brand investments INDUSTRIAL FCF 0.93 >0.90

• Robust Industrial free cash flow generation, partially

offset by increased capital expenditures and higher
tax payment

Note: (13) Refer to notes to the presentation in the Appendix February 1, 2024 12
Q&A

13
APPENDIX

14
NOTES TO THE
PRESENTATION

1. Reconciliations to non-GAAP financial measures are provided in the Appendix. The 9. Primarily relates to financial services activities, management of the Mugello
term EBIT is used as a synonym for operating profit. There were no adjustments racetrack and other sports-related activities
impacting EBITDA, EBITDA margin, EBIT, EBIT margin, Net profit, Basic EPS and 10. The constant currency presentation eliminates the effects of changes in foreign
Diluted EPS in the periods presented. currency (transaction and translation) and of foreign currency hedges
2. Excluding the XX Programme, racing cars, one-off and pre-owned cars 11. Excluding right-of-use assets recognized during the period in accordance with
3. Shipments geographic breakdown IFRS 16 – Leases
EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the 12. Including repurchases for an amount of approx. €8M in relation to the Sell to
United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait), Cover practice under the equity incentive plans
Africa and the other European markets not separately identified; 13. Calculated using the weighted average diluted number of common shares as of
Americas includes: United States of America, Canada, Mexico, the Caribbean and December 31, 2023 (181,511 thousand)
Central and South America; 14. Models not included in the total shipments’ figure provided
Rest of APAC mainly includes: Japan, Australia, Singapore, Indonesia, South Korea, 15. Not including lease liabilities and other debt
Thailand, India and Malaysia 16. Financial leverage is calculated as the ratio between Net Debt or Net Industrial
4. Of which 3,262 units in FY 2023 (+338 units or +11.6% vs FY 2022) in the United Debt and Adjusted EBITDA or Adjusted EBITDA (Industrial Activities only)
States of America 17. Capitalized as intangible assets
5. Of which 1,221 units in FY 2023 (-64 units or -5.3% vs FY 2022) in Mainland China 18. For the three and twelve months ended December 31, 2023 and 2022, the
6. Includes net revenues generated from shipments of our cars, any personalization weighted average number of common shares for diluted earnings per common
generated on cars, as well as sales of spare parts share was increased to take into consideration the theoretical effect of the
7. Includes net revenues earned by our racing teams (mainly in the Formula 1 World potential common shares that would be issued for outstanding share-based
Championship and the World Endurance Championship) through sponsorship awards granted by the Group (assuming 100 percent of the target awards
agreements, our share of the Formula 1 World Championship commercial vested)
revenues, and net revenues generated through the Ferrari brand, including
fashion collection, merchandising, licensing and royalty income
8. Includes net revenues generated from the sale of engines to Maserati for use in
their cars and from the rental of engines to other Formula 1 racing teams

February 1, 2024 15
STRONG TRACK-RECORD
IN NEW MODELS INTRODUCTION
RANGE MODELS INTRODUCED
Model / year of delivery 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

RANGE MODELS

California

458 Italia

458 Spider

FF

F12berlinetta

California 30

California T

488 GTB

488 Spider

GTC4LUSSO

812 Superfast

GTC4LUSSO T

Ferrari Portofino

F8 Tributo

SF90 Stradale

812 GTS

F8 Spider

Ferrari Roma

SF90 Spider

Ferrari Portofino M

296 GTB

296 GTS

Ferrari Purosangue

Ferrari Roma Spider

February 1, 2024 16
STRONG TRACK-RECORD
IN NEW MODELS INTRODUCTION
SPECIAL SERIES AND LIMITED EDITION MODELS INTRODUCED
Model / year of delivery 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

SPECIAL SERIES

599 GTO

SA APERTA

458 Speciale

458 Speciale A

F12tdf

488 Pista

488 Pista Spider

812 Competizione

812 Competizione A

SF90 XX Stradale

SF90 XX Spider

ICONA

Ferrari Monza SP1 & SP2

Ferrari Daytona SP3

SUPERCAR

LaFerrari

LaFerrari Aperta

TRACK CAR(14)

FXX-K

FXX-K EVO

488 GT Modificata

296 Challenge

499P Modificata

FUORISERIE(14)

F60 America

J50

Note: (14) Refer to notes to the presentation in the Appendix February 1, 2024 17
GROUP SHIPMENTS
BY REGION(2)(3)

13,663
13,221

2,299
3,327 3,245 2,264

491 1,490
508 1,552
478 360

3,447 3,811

831 884

5,958 6,063
1,527 1,493

Q4 2022 Q4 2023 FY 2022 FY 2023

EMEA Americas(4) Mainland China, Hong Kong and Taiwan(5) Rest of APAC

Note: (2) (3) (4) (5) Refer to notes to the presentation in the Appendix February 1, 2024 18
DEBT AND LIQUIDITY POSITION

NET INDUSTRIAL DEBT NET INDUSTRIAL DEBT

(€M) (€M)

At Dec. 31

2023 2022 2021 2020 (99)

Debt (2,477) (2,812) (2,630) (2,725)
Cash and Cash Equivalents (A) 1,122 1,389 1,344 1,362
(1,355) (1,256)
Net Debt (1,355) (1,423) (1,286) (1,363)
Net Debt of Financial Services Activities (1,256) (1,216) (989) (820)
Net Industrial Debt (99) (207) (297) (543)
Undrawn Committed Credit Lines (B) 600 669 676 700
December 31, 2023 December 31, 2023 December 31, 2023
Total Available Liquidity (A+B) 1,722 2,058 2,020 2,062 Net Debt Net Debt of Financial Services Net Industrial Debt
Activities

GROSS DEBT MATURITY PROFILE(15) CASH AND MARKETABLE SECURITIES

(€M and Cash Maturities) (€M)

At Dec. 31
907 2023 2022 2021 2020
78
Euro 894 1,181 1,144 1,203
675
378 US Dollar 97 70 68 76
163
Chinese Yuan 81 96 88 51

231 British Pound 20 9 6 10

512 451 46 150 150 150 Japanese Yen 5 6 20 13
185
54 35
Other Currencies 25 27 18 9

2024 2025 2026 2027 2028 2029 2031 2032

Total (€ equivalent) 1,122 1,389 1,344 1,362
Bond / Notes (USPP) US Securitizations Bank debt & other

Note: (15) Refer to notes to the presentation in the Appendix

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 19
FINANCIAL LEVERAGE(16)
HISTORICAL TREND
Total available liquidity at €1,722M as of December 31, 2023 (€2,058M as of
December 31, 2022), including undrawn committed credit lines of €600M

Net Debt / Adj. EBITDA(1) Net Industrial Debt(1) / Adj. EBITDA(1) (Industrial Activities only)

1.2x
1.1x
1.0x
0.9x
0.8x 0.8x

0.6x

0.5x 0.5x
0.3x 0.3x
0.2x
0.1x
~0.0x

2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023

Note: (1) (16) Refer to notes to the presentation in the Appendix February 1, 2024 20
CAPEX AND R&D

Q4 '23 Q4 '22 €M, unless otherwise stated FY '23 FY '22

316 310 Capital expenditures(11) 869 806

125 128 of which capitalized development costs(17) (A) 448 416

Research and development

158 131 539 518
costs expensed (B)

283 259 Total research and development (A+B) 987 934

Amortization of capitalized
95 82 343 258
development costs (C)

Research and development costs as recognized in the

253 213 882 776
consolidated income statement (B+C)

Note: (11) (17) Refer to notes to the presentation in the Appendix

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 21
NON-GAAP FINANCIAL
MEASURES

Operations are monitored through the use of various non-GAAP financial measures reflective of ongoing operational activities.

that may not be comparable to other similarly titled measures of other companies. • Adjusted Earnings Before Interest and Taxes or “Adjusted EBIT” represents EBIT as

Accordingly, investors and analysts should exercise appropriate caution in comparing adjusted for certain income and costs which are significant in nature, expected to

these supplemental financial measures to similarly titled financial measures reported occur infrequently, and that management considers not reflective of ongoing

by other companies. operational activities.

We believe that these supplemental financial measures provide comparable measures • Adjusted Net Profit represents net profit as adjusted for certain income and costs

of our financial performance which then facilitate management’s ability to identify (net of tax effects) which are significant in nature, expected to occur infrequently,

operational trends, as well as make decisions regarding future spending, resource and that management considers not reflective of ongoing operational activities.

allocations and other operational decisions. • Adjusted Basic Earnings per Common Share and Adjusted Diluted Earnings per

Reconciliations are only provided to the most directly comparable IFRS financial Common Share represent earnings per share, as adjusted for certain income and

statement line item for Adjusted EBITDA, Adjusted EBIT and Adjusted Diluted EPS for costs (net of tax effects) which are significant in nature, expected to occur

historical periods, as the income or expense excluded from these non-GAAP financial infrequently, and that management considers not reflective of ongoing operational

measures in accordance with our policy are, by definition, not predictable and activities.

uncertain. • Net Industrial Debt is defined as total debt less cash and cash equivalents (Net Debt),

further adjusted to exclude the debt and cash and cash equivalents related to our

NON-GAAP FINANCIAL MEASURES financial services activities (Net Debt of Financial Services Activities).

• Total Net Revenues, EBITDA, adj. EBITDA, EBIT and adj. EBIT at constant currency • Free Cash Flow is defined as cash flows from operating activities less investments in

eliminate the effects of changes in foreign currency (transaction and translation) property, plant and equipment (excluding right-of-use assets recognized during the

and of foreign currency hedges. period in accordance with IFRS 16 — Leases), intangible assets and joint ventures.

• EBITDA is defined as net profit before income tax expense, financial Free Cash Flow from Industrial Activities is defined as Free Cash Flow adjusted to

expenses/(income), net and amortization and depreciation. Adjusted EBITDA is exclude the operating cash flow from our financial services activities (Free Cash

defined as EBITDA as adjusted for certain income and costs, which are significant in Flow from Financial Services Activities).

nature, expected to occur infrequently, and that management considers not

February 1, 2024 22
KEY PERFORMANCE METRICS AND
RECONCILIATIONS OF NON-GAAP MEASURES

Q4 '23 Q4 '22 €M, unless otherwise stated FY '23 FY '22

1,523 1,368 Net revenues 5,970 5,095

780 727 Cost of sales 2,996 2,649

117 128 Selling, general and administrative costs 463 428

253 213 Research and development costs 882 776

3 3 Other expenses/(income), net 18 21

2 1 Results from investments 6 6

372 298 EBIT/ Adjusted EBIT 1,617 1,227

5 17 Financial expenses/(income), net 15 49

367 281 Profit before taxes 1,602 1,178

73 60 Income tax expenses 345 239

20% 21% Effective tax rate 22% 20%

294 221 Net profit / Adjusted Net profit 1,257 939

1.63 1.21 Basic / Adjusted Basic EPS (€) 6.91 5.11

1.62 1.21 Diluted / Adjusted Diluted EPS (€) 6.90 5.09

558 469 EBITDA / Adjusted EBITDA 2,279 1,773

548 460 of which EBITDA (Industrial Activities only) 2,243 1,732

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 23
RECONCILIATIONS OF NON-GAAP MEASURES:
TOTAL NET REVENUES AT CONSTANT CURRENCY(10)

Q4 '23 at constant FY '23 at constant

Q4 '23 €M, unless otherwise stated FY '23
currency currency

1,289 1,309 Cars and spare parts 5,119 5,190

150 151 Sponsorship, commercial and brand 572 577

39 39 Engines 127 127

45 47 Other 152 155

1,523 1,546 Total Net Revenues 5,970 6,049

Note: (10) Refer to notes to the presentation in the Appendix

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 24
RECONCILIATIONS OF NON-GAAP MEASURES:
ADJUSTED EBITDA AND EBIT AT CONSTANT CURRENCY(10)

Q4 '23 at constant FY '23 at constant

Q4 '23 €M, unless otherwise stated FY '23
currency currency

558 575 Adjusted EBITDA 2,279 2,335

372 389 Adjusted EBIT 1,617 1,673

Note: (10) Refer to notes to the presentation in the Appendix

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 25
RECONCILIATIONS OF NON-GAAP MEASURES:
EBITDA AND ADJUSTED EBITDA

Q4 '23 Q4 '22 €M, unless otherwise stated FY '23 FY '22

294 221 Net profit 1,257 939

73 60 Income tax expenses 345 239

5 17 Financial expenses/(income), net 15 49

186 171 Amortization and depreciation 662 546

558 469 EBITDA 2,279 1,773

- - Adjustments - -

558 469 Adjusted EBITDA 2,279 1,773

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 26
RECONCILIATIONS OF NON-GAAP MEASURES:
ADJUSTED EBIT

Q4 '23 Q4 '22 €M, unless otherwise stated FY '23 FY '22

372 298 EBIT 1,617 1,227

- - Adjustments - -

372 298 Adjusted EBIT 1,617 1,227

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 27
RECONCILIATIONS OF NON-GAAP MEASURES:
ADJUSTED NET PROFIT

Q4 '23 Q4 '22 €M, unless otherwise stated FY '23 FY '22

294 221 Net profit 1,257 939

- - Adjustments - -

294 221 Adjusted Net profit 1,257 939

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 28
RECONCILIATIONS OF NON-GAAP MEASURES:
ADJUSTED BASIC AND DILUTED EPS

Q4 '23 Q4 '22 €M, unless otherwise stated FY '23 FY '22

293 220 Net profit attributable to owners of the Company 1,252 933

Weighted average number

180,592 182,149 181,220 182,836
of common shares (thousand)(18)

1.63 1.21 Basic EPS (€) 6.91 5.11

- - Adjustments - -

1.63 1.21 Adjusted Basic EPS (€) 6.91 5.11

Weighted average number of common shares for diluted

180,883 182,434 181,511 183,121
earnings per common share (thousand)(18)

1.62 1.21 Diluted EPS (€) 6.90 5.09

- - Adjustments - -

1.62 1.21 Adjusted Diluted EPS (€) 6.90 5.09

Note: (18) Refer to notes to the presentation in the Appendix

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 29
RECONCILIATIONS OF NON-GAAP MEASURES:
FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES

Q4 '23 Q4 '22 €M, unless otherwise stated FY '23 FY '22

527 430 Cash flow from operating activities 1,717 1,403

Investments in property, plant and equipment

(316) (310) (869) (806)
and intangible assets(11)

211 120 Free Cash Flow 848 597

(13) (41) Free Cash Flow from Financial Services Activities (84) (161)

224 161 Free Cash Flow from Industrial Activities 932 758

Note: (11) Refer to notes to the presentation in the Appendix

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 30
RECONCILIATIONS OF NON-GAAP MEASURES:
NET INDUSTRIAL DEBT

December 31, September 30, June 30, March 31, December 31, December 31, December
€M, unless otherwise stated
2023 2023 2023 2023 2022 2021 31, 2020

Debt (2,477) (2,542) (2,681) (2,708) (2,812) (2,630) (2,725)

of which: Lease liabilities as per IFRS 16 (73) (81) (68) (67) (57) (56) (62)

Cash and Cash Equivalents 1,122 1,012 1,110 1,441 1,389 1,344 1,362

Net Debt (A) (1,355) (1,530) (1,571) (1,267) (1,423) (1,286) (1,363)

Net Debt of Financial Services Activities (1,256) (1,297) (1,240) (1,214) (1,216) (989) (820)

Net Industrial Debt (B) (99) (233) (331) (53) (207) (297) (543)

EBITDA / Adj. EBITDA LTM (C) 2,279 2,190 2,030 1,887 1,773 1,531 1,143

EBITDA / Adj. EBITDA (Industrial Activities only) LTM (D) 2,243 2,155 1,993 1,849 1,732 1,493 1,116

Financial Leverage(16) on Net Industrial Debt (B/D) ~0.0x 0.1x 0.2x 0.0x 0.1x 0.2x 0.5x

Financial Leverage(16) on Net Debt (A/C) 0.6x 0.7x 0.8x 0.7x 0.8x 0.8x 1.2x

Note: (16) Refer to notes to the presentation in the Appendix

Certain totals in the tables included in this document may not add due to rounding February 1, 2024 31